Like summers, economic expansions do not last forever. The US recovery is now the second longest on record. There is nothing to suggest it will end in the near future, so the broad prognosis for risk assets remains good.
Today the European Central Bank (ECB) met and, as was widely expected, decided to keep policy unchanged. The ECB’s key interest rates – the refinancing rate and the deposit rate – are to remain at 0% and -0.4% respectively.